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Manhattan Beach-based Skechers USA announced Monday that global investment company 3G Capital has been acquired in a deal worth around $9.4 billion.
The sale will make the iconic footwear company private and allow 3G capital to be paid in cash at $63 per share.
Known primarily for its casual and athletic shoes, Skehees was founded in 1992 by Robert Greenberg. It is the third largest footwear brand in the United States, with over 5,300 stores worldwide.
The company said its headquarters will remain in Manhattan Beach, the campus, located in the 3300 block of Sepulveda Boulevard.
Skechers USA, Inc. The Corporate Office Building is depicted on October 26, 2022 in Manhattan Beach, California (Getty Images)
“Over the past 30 years, Skechers has experienced incredible growth. Our success is due to our commitment to excellence and innovation across the Skechers organization, product offering focused on high-demand comfort, and remain a loyal partner.” “With our proven track record, Skechers will enter the next chapter in partnership with global investment company 3G Capital.”
The rest of Greenberg and the current management team will continue to operate the business, the company said.
“We’re looking forward to seeing you in the future,” said Alex Bering, co-founder of 3G Capital. “Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have great admiration for the business this team has built and look forward to supporting the company’s next chapter.”
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